Innovation Leader regularly fields questions about corporate innovation and poses them to our community of strategy, technology, and R&D leaders. Often, we use our Friday e-mail newsletter to share the latest question and gather responses.
Here’s a collection of questions we’ve answered recently:
• Budgeting: How have you budgeted for the launch of your innovation program? Was it based on a percent of revenue? What were the key “buckets” of spend? How did staffing evolve?
• Team Makeup: How do you think about who should be on your innovation team—what kind of roles, and where do you find them?
• Benchmarking: Who should we be benchmarking against? What do you do, why, and what’s the thinking behind it?
• Internal Charges: Does your team charge other groups in the company for your services? If you don’t charge, why not?
• Sorting Ideas: How do you sort ideas to focus on the winners?
• Hiring Innovators: How do you hire people for your innovation team, or your corporate ventures group, when your organization isn’t experienced in recruiting for or hiring those kinds of people?
• Business Unit Ties: What is the optimal relationship between an innovation/team group and the lines of business?
• Generating Revenue vs. Reducing Costs: Should innovation teams strive to generate revenue or reduce costs?
• Startups: How do you collaborate with, or acquire, startups without “killing the butterfly?”